March 2012 home sales volume level with last year

posted by Bradley Markano | April 26, 2012 | In Real Estate Newsflash

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Those looking for sure signs of economic recovery in the housing market will have to wait a little longer. Home sales in March 2012 were up from January 2012 and February 2012, but they have yet to show significant improvement over 2011. 37,481 new and resale home transactions closed escrow in California in March 2012, up 3% from one year ago when 36,417 sales closed escrow, and up 27% from February 2012.

Here are some other key facts about California’s housing market:

Absentee Homebuyers

Absentee homebuyers (a group generally composed of speculators, buy-to-let investors and renovation contractors) accounted for 28% of Southern California (SoCal) March sales, down from the record high of 30% in February 2012. Absentee buyers made up 24% of NorCal homebuyers, down from a record 26% in February 2012. Sales of Single family residences (SFRs) to owner-occupant homebuyers remain low.

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